CHAPTER TWENTY-FOUR

BANK OF LAVORO AND IRAQGATE

Another of the many scandals involving high-level federal officials surfaced in the late 1980s, referred to as Iraqgate. It evolved around the Banca Nazionale del Lavoro (BNL), owned primarily by the Italian government. Implicated in the scandal with the bank were White House and Justice Department officials. The details of this scandal first surfaced in the alternate media, as is often the case.

While other members of Congress engaged in the usual coverup of this scandal, Congressman Henry Gonzalez of Texas exposed the BNL corruption in 1991. He had to surmount the coverup by other members of Congress, the CIA, Justice Department personnel, and the White House. BNL first attracted his attention when he discovered that the small Atlanta branch of BNL had made over $5 billion in loans to Iraq.

The scandal made it possible for Iraq's Saddam Hussein to wage war against Kuwait, and caused the U.S. taxpayers to be saddled with over ten billion dollars in debt over the next several decades. Another newspaper that exposed many of the scandals described within these pages was the local Napa Sentinel in Napa, California.

BNL was tied in with the Persian Gulf war and President Bush's arming of the Iraqis through loans for which the American taxpayers will be paying for the next few decades.

In November 1989, White House officials guaranteed the payment of loans made by banks to Iraq for the purchase of U.S. farm products under a program run by the U.S. Agriculture Department's Commodity Credit...

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